Development

Development As per the economist Amartya Sen, economic growth is one aspect of economic development. Also, United Nation see it like this “Economic development focuses not only on man’s materialistic need but it focuses on overall development or rise in its living standards. Economic Growth The key parameters of economic growth in any economy are its Gross Domestic Product (GDP) and Gross National Product (GNP) which helps in measuring the actual size of an economy. Economic Development Economic development projects a broader picture of an economy which takes into account an increase in production level or output of an Gross Value Added (GVA ) is a measure of the value of goods and services produced by an industry in a given area of ​the economy. GVA = GDP + subsidies - (direct, sales) taxes. Source: Statistics times.com. Note: The chart Diagram shows that Sector-wise contribution in GDP of India for the year -